Elon Musk’s net worth increased by around USD 62 billion after private investors doubled the valuation of his artificial intelligence and social media company, xAI Holdings, to USD 250 billion, according to Forbes US. The surge puts Musk close to becoming the first person in history with a USD 800 billion fortune.
Earlier this month, xAI Holdings raised USD 20 billion from private investors at a USD 250 billion valuation. This marks a sharp increase from the USD 113 billion valuation cited by Musk in March last year, when his AI startup xAI merged with his social media platform X (formerly Twitter).
Forbes estimates that the deal lifted the value of Musk’s 49% stake in xAI Holdings to USD 122 billion, pushing his total net worth to a record USD 780 billion, according to Forbes’ Real-Time Billionaires List.
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Other billionaires also benefit
Several high-profile investors have also gained from xAI’s surge in value, including Saudi Prince Alwaleed Bin Talal Alsaud, an early Twitter investor, Twitter co-founder Jack Dorsey, and Oracle co-founder Larry Ellison, who contributed USD 1 billion to Musk’s USD 44 billion acquisition of Twitter in 2022.
Forbes US estimates that Prince Alwaleed holds a 1.6% stake in xAI Holdings, valued at USD 4 billion, lifting his net worth to USD 19.4 billion, excluding holdings via Kingdom Holding Company. Dorsey and Ellison each own around 0.8%, valued at USD 2.1 billion, pushing their net worth to USD 6 billion and USD 241 billion, respectively.
Photo: The Guardian
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